Brown eliminates tuition for families up to $125K and removes home equity in the FA equation

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
We have very low income but 4M in assets (that we can't use for tuition, but it's in our name and we disclose it to the IRS).

I somehow doubt we'd still qualify, but does anyone know?

It depends on what the assets are and what you mean by "can't use". For example, if it's 401K, it usually doesn't count.

It's a stock portfolio we manage for our family back in our home country. The name on the account is ours, but it's really family money. We can't take out a chunk and use it just for our kids. I realize nobody cares about the details, I just need to know what rules Brown lays out for assets like that.

$4M is a sh#t load more money than the vast majority of people have, even those who are supporting family members. They are going to count it. There might be adjustments to your EFC based on personal circumstances that you can describe qualitatively, but you still have access to a lot more money than others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
We have very low income but 4M in assets (that we can't use for tuition, but it's in our name and we disclose it to the IRS).

I somehow doubt we'd still qualify, but does anyone know?

It depends on what the assets are and what you mean by "can't use". For example, if it's 401K, it usually doesn't count.

It's a stock portfolio we manage for our family back in our home country. The name on the account is ours, but it's really family money. We can't take out a chunk and use it just for our kids. I realize nobody cares about the details, I just need to know what rules Brown lays out for assets like that.

It’s in your name so it’s your asset. Move it to their name.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
We have very low income but 4M in assets (that we can't use for tuition, but it's in our name and we disclose it to the IRS).

I somehow doubt we'd still qualify, but does anyone know?

It depends on what the assets are and what you mean by "can't use". For example, if it's 401K, it usually doesn't count.

It's a stock portfolio we manage for our family back in our home country. The name on the account is ours, but it's really family money. We can't take out a chunk and use it just for our kids. I realize nobody cares about the details, I just need to know what rules Brown lays out for assets like that.

It’s in your name so it’s your asset. Move it to their name.

That would probably open up a whole new can of worms from a tax standpoint. They’d be better off paying the tuition.

[Anonymous]

My wife and I both make about $110K and have around 400K equity in our house.

She is always talking about wanting to quit her job. Would it make sense for her to do this and send our kid to Brown?

[Anonymous]

I wish this had been the case when I was at Brown. We didn’t even have a house but my parents together, as secondary teachers, made under $125 easily.

[Anonymous]

Anonymous wrote:I wish this had been the case when I was at Brown. We didn’t even have a house but my parents together, as secondary teachers, made under $125 easily.

How long about was that? If your parents are in the DMV area, they make well above that, combined, now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Home equity should be included over $400-500k. If a family has a million dollar house it should be included.

i assume you are white and wealthy/umc professional. A significant amount of people inherit homes form their parents and keep them, live in them and these properties have appreciated insanely, ,my mother's house that i inherited this summer appreciated almost a million from when she bought it in the 70s, i could very well have moved in but its in the suburbs and i don't like that area of potomac. our next door neighbors have inherited their parents house which has also appreciated quite bit and they are moving in b/c its a great property with a lot of close by amenities, they wouldn't be able to afford that home on their own. Forcing black homeowners to sell their inherited property in DC to white owners by punishing them for owning something valuable that they inherited is ALL kinds of screwed up. Its amusing to me how suddenly there is a move towards discounting any sorts of minor wealth accumulation when BIPOC have finally begun accruing some wealth.

Yep if PP's idea were enforced that would include our family. We are Black and my kid got into Brown. I feel fortunate that we kept our family home. My father was a government employee and was discriminated against by the banks in the 70s and almost couldn't get the home and had to borrow from family to fill the gap. We kept it and now its worth over a million - and thassit for us in terms of inherited wealth. My kid chose another Ivy though. Also want to point out that Princeton has not considered home equity for years.

[Anonymous]

Our HHI is just over 200K and we are full pay at another Ivy. We did really prioritize savings for college with was probably not the right thing.

[Anonymous]

Anonymous wrote:My wife and I both make about $110K and have around 400K equity in our house.

She is always talking about wanting to quit her job. Would it make sense for her to do this and send our kid to Brown?

Or, on those incomes you can easily save for college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Home equity should be included over $400-500k. If a family has a million dollar house it should be included.

i assume you are white and wealthy/umc professional. A significant amount of people inherit homes form their parents and keep them, live in them and these properties have appreciated insanely, ,my mother's house that i inherited this summer appreciated almost a million from when she bought it in the 70s, i could very well have moved in but its in the suburbs and i don't like that area of potomac. our next door neighbors have inherited their parents house which has also appreciated quite bit and they are moving in b/c its a great property with a lot of close by amenities, they wouldn't be able to afford that home on their own. Forcing black homeowners to sell their inherited property in DC to white owners by punishing them for owning something valuable that they inherited is ALL kinds of screwed up. Its amusing to me how suddenly there is a move towards discounting any sorts of minor wealth accumulation when BIPOC have finally begun accruing some wealth.

Yep if PP's idea were enforced that would include our family. We are Black and my kid got into Brown. I feel fortunate that we kept our family home. My father was a government employee and was discriminated against by the banks in the 70s and almost couldn't get the home and had to borrow from family to fill the gap. We kept it and now its worth over a million - and thassit for us in terms of inherited wealth. My kid chose another Ivy though. Also want to point out that Princeton has not considered home equity for years.

If you live in a fully paid for house you inherited, why cant you save for college?

[Anonymous]

My kid graduated from Brown a couple of years ago - we received pretty good Financial Aid and paid about $28K a year (on a HHI of about $175K, had another kid in private school at the same time, which Brown took into account)

While kid was there, Brown eliminated student debt from Financial Aid packages, which put them on par financially with a number of their peer institutions. This will also help. Nice to see the university backing its philosophy with real world financial actions.

I think it's a great school and am happy to see it becoming more accessible to middle class students.